Sun
TORONTO (CP) – O&Y Properties Corp. and the Bentall Capital limited partnership are in talks to combine their Canadian property management and leasing businesses.
O&Y announced Friday that if the deal is finalized, the proposed partnership would allow both companies to share resources and information technology and improve service to customers across Canada.
O&Y Properties provides its real estate services through O&Y Enterprise, O&Y CB Richard Ellis Facilities Management and O&Y SMG Canada. Bentall operates through Bentall Real Estate Services LP and Bentall Retail Services LP.
“Each of the parties intends to carry out due diligence sufficient to enable them to determine if they wish to proceed with this transaction, and if so, to negotiate mutually satisfactory terms,” Toronto-based O&Y said in a release.
If successful the transaction is scheduled to be completed by the end of the first quarter.
O&Y Properties owns, manages and builds office buildings. Directly and indirectly through its more than 50 per cent owned O&Y real estate investment trust, the company owns 20 office buildings in seven Canadian cities.
The company’s real estate services division is a big property manager, with 1,000 employees.
Bentall Capital has more than 1,000 employees and offices in Vancouver, Calgary, Toronto, Ottawa, Seattle and Los Angeles.
In trading on the Toronto stock market Friday, O&Y shares (TSX:OYP) shares were unchanged at $5.70.
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